The UK beats growth forecasts again

Hi everyone,

 

 

For the second month in a row, the UK has beat PMI figures, meaning markets could be underestimating the economic recovery. Currencies tend to outperform when their linked economies grow (in normal circumstances). So the staggered approach so far by Government, seems to be working and we can begin to expect more good figures in the coming months which hopefully will bump up Sterling. 

 

Whilst the economy is in recovery mode and with lockdown being eased further, those looking for a stronger £ will have to be patient. There is still a host of factors contributing to its under-performance, that won't be resolved anytime soon. Currently, the Pound is the worst performer in the G10 over the last month and it will be hard to buck this trend near-term. 

 

There is an interesting article doing the rounds today from the Bank of America, suggesting Sterling is an 'emerging market currency'. They believe '£ is in the process of evolving into a currency that resembles the underlying reality of the British economy'. What that economy looks like will be once Brexit is out of the way. The lack of clarity over the past 4-years has hurt the Pound significantly. Once the Brexit dust settles, whatever the conclusion, the £ will once again find its true value against others. 

 
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